Audit rates have been decreasing over the past few years due to a lack of resources, and that may cause some people to get too comfortable during tax season. Even one small mistake can lead to an IRS audit.
If you’re not familiar with the tax laws, you could get yourself in trouble.
That’s why it’s so important for some people to use a tax attorney. We’re here to discuss some of the top benefits of hiring a tax attorney this tax season. Read on to learn more.
They Can Help New Business Owners
Many new business owners forget the importance of understanding taxes. Doing taxes for a business is more complicated than doing personal taxes, and this can result in serious mistakes or higher taxes.
A good tax attorney will help business owners understand how each type of business is taxed so they can make good choices.
They can also help business owners understand how (and why) to withhold taxes for employees and what their overall tax responsibilities are.
Potential Better Audit Outcomes
Tax audits can be scary. If you’re audited by the IRS, it’s always in your best interest to work with a tax attorney.
A tax audit can result in serious outcomes, such as wage garnishment and asset seizures. If you don’t want that to happen to you, let a tax attorney navigate the complicated legal process and represent you.
On a similar note, even if you’re not currently being audited, if you know that you’re likely in tax trouble, hire a tax attorney. For example, if you haven’t filed your taxes in several years and yet you’ve somehow avoided a tax audit thus far, a tax attorney will help you get everything squared away so you don’t end up owing a huge debt to the IRS.
Preventing Future Audits
Most people aren’t educated enough on tax laws. The United States makes taxes complicated, and while the average person will never have an issue, anyone with a business or other unique tax circumstances is always at risk of an audit if they don’t do everything perfectly.
A good tax attorney can walk you through complicated tax laws and make them easier to digest.
Potentially Lowering Taxes for Property Investors
Are you considering buying a rental property so you can be a property investor? Do you understand the tax implications of that? If not, it’s time to hire a tax lawyer.
You may be able to reduce your personal income tax as a result of that rental property, but you can only do that if you understand the tax code and file correctly.
Let a tax attorney help you out.
Do You Need to Hire a Tax Attorney?
With tax season on the horizon, it’s time to start considering whether or not you could benefit from a tax attorney. If you owe a lot of money to the IRS, you started a business, you bought a rental property, or you’ve actually been audited, a tax attorney can help.
Keep yourself out of trouble by hiring a good tax lawyer.
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